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Starwood Sells Off Times Square Hotel For $275M

NEW YORK CITY-Sources familiar with the transaction say Boston-based Rockpoint Group holds a controlling majority interest in the acquisition, while equity partner Goldman Sachs Real Estate Principal Investment Area is the minority player.

By Jacqueline Hlavenka | Updated on October 04, 2012

NEW YORK CITY-Starwood Hotels & Resorts, a global owner/manager of hotel franchises, has disposed of one of its most visible Midtown assets. A joint venture of Rockpoint Group, Goldman Sachs’ Real Estate Principal Investment Area and Highgate Hotels have acquired the Manhattan at Times Square Hotel for $275 million in an all-cash transaction, according to a statement from the Stamford, CT-based company.

Simon Turner, president of global development at Starwood Hotels, says the sale was consistent with the company’s strategy of selling off non-core properties. “As we continue our transition to an asset-light model, we continue to look for opportunities to sell our owned hotels at attractive prices to best create value for our shareholders, and this sale of a non-strategic asset is consistent with that strategy,” Turner says, in a statement.

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